Why Is Litecoin (LTC) Price Pumping? Analyst Calls It ‘Next XRP’

The crypto market started this week solidly, with most top altcoins “in green”. One of those is Litecoin, as the LTC price is up 11% in the last 24 hours

Cryptocurrency prices have seen a largely positive start to the week, with most major altcoins posting gains over the past 24 hours. Among the top performers is Litecoin (LTC), which has seen its price surge by over 11%.

At the time of writing, LTC is trading at around $117, having seen a high of $119 earlier in the day. The coin's price has now risen by more than 20% over the past seven days.

One potential factor that could be contributing to the current price surge is the news that CoinShares has filed for an XRP and LTC ETF with Nasdaq. This follows previous applications for Litecoin ETFs, including one by Canary Capital and another by Grayscale.

According to crypto analyst XForceGlobal, LTC is shaping up to be “the next XRP.” The analyst shared a chart on X, using Elliott Wave theory to break down Litecoin's price movements.

“$LTC Primary Macro Analysis

#Litecoin is shaping up to be the next $XRP.

I am accumulating for the next two years.

The only missing piece is liquidity; yet, it has maintained one of the longest streaks of higher lows in price action—a key factor I look for when accumulating.”

The chart shows a long wait game, with Litecoin being in a tight trading pattern for nearly 2,532 days, almost seven years of investors watching and waiting. The analyst believes this period of waiting could explode into a big price move soon.

The current price is seen to be sitting in a triangle pattern, with the LTC price bouncing between tight upper and lower limits. Litecoin could break out in either direction from here, with the support zone seen around $50–$70 and resistance levels looking strong at $140–$200.

The analyst also highlights the key role of institutional interest and liquidity in driving the price up for coins like XRP. While Litecoin has seen institutional interest, the analyst believes it still needs more to reach XRP-like levels.

Overall, the outlook for Litecoin appears positive, with several potential catalysts that could continue to drive up the coin's price in the coming weeks. However, investors are advised to exercise caution and conduct thorough research before making any investment decisions.